Minister Kim Jeonggwan: "No U.S. Tariff Increase Expected if Special Act on Investment Passes"

Meeting with Secretary Lutnick: Discussing Directions for U.S. Investment

"Ensuring Korea Is Not Disadvantaged in Global Tariff Negotiations"

Kim Jeonggwan, Minister of Trade, Industry and Energy, stated on March 8 at the National Assembly that he received feedback indicating the possibility of further tariff increases by the United States is low, as the Special Act on Investment in the United States is being processed swiftly.

Kim Jeong-Kag, Minister of Trade, Industry and Energy. Photo by Jo Yongjun

Minister Kim, upon returning to Incheon International Airport after his visit to the United States, met with reporters and said, "I explained to Howard Lutnick, U.S. Secretary of Commerce, about the National Assembly's plan to pass the Special Act on Investment in the United States next week." He added, "The U.S. side highly appreciated this and expressed their gratitude." He continued, "I received remarks to the effect that if the bill passes in Korea and the relevant issues related to Korea-U.S. negotiations are implemented, there are unlikely to be measures such as publishing tariff increases in the official gazette."

After attending the completion ceremony of LG Energy Solution's battery plant in Canada on March 5, Minister Kim supported Korea’s bid for the Canadian Patrol Submarine Project (CPSP), then immediately traveled to the United States for discussions with Secretary Lutnick.

Regarding investment in the United States, he explained, "Although we did not discuss specific projects, we had in-depth exchanges on investment sectors and directions." He also stated that, with respect to the 15% global tariff initiative being pursued by the Trump administration, Korea has engaged in discussions to ensure it is not treated less favorably than competing countries.

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